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of the so-called fiscal cliff. the new congress faces another looming showdown over the debt ceiling and possible spending cuts delayed under the fiscal cliff deal. john boehner addressed the debt thursday in his opening speech. >> as speaker, i pledge to listen and to do all i can to help all of you carry out your oath of office that we are all about to take. because in our hearts we know it is wrong to pass this debt onto our kids and grandkids, now we have to be willing, truly willing to make this problem right. >> house speaker john boehner faced a massive backlashes week after initially canceling a vote on relief for superstorm sandy. the house is expected to vote on the first round of aid today. gun-control advocates introduced legislation on the first day of the new congress to ban high- capacity ammunition magazines in recent -- used in recent massacres including the one at sandy hook last month. carolyn mccarthy of new york said the assault magazines help put the mass in that shooting and anything we can do to stop their proliferation will save lives in america. she lost her
cuts in exchange for raising the debt ceiling. now some republicans are saying, how about we just ask for a budget? the congressional budget act of 1974 requires that congress pass a budget every year by april 15th. harry reid last allowed a budget to be passed in the senate in april of 2009. as you ed said earlier that is 1350 days ago. the reason is clear. the budget that was passed passed by a big democratic majority had highly elevated levels have spending. by not passing a new budget they of made the spending the new baseline. they really don't want to change that. they haven't passed one. they funded the government by passing a series of continuing resolutions since then. >> neil: are they breaking the law? >> they are. the law does require congress to do this. i have to say, after i published this article in the washington examiner. i got tons of e-mails, gee, if it's the law and harry reid is breaking it can't they do something about it? the law was written and it's a requirement and it has no enforcement provision. it has no teeth in it. harry reid is violating the law, but t
isn't going to have a debate with us over the debt ceiling. he also says he's not going to cut spending along with the debt limit hike. and then citing a poll conducted by republican david winston, boehner said, 72% of americans agree any increase in the nation's debt limit must be accompanied by spending cuts and reforms of a greater amount. the debate is already under way. number two, texas senator john cornyn took that fighting spirit even further threatening a partial government shutdown. he said in an op-ed, the coming deadlines will be the next flash points in our ongoing fight to bring fiscal sanity to washington. it may be necessary to partially shut down the government in order to secure the long-term fiscal well-being of our country rather than plod along the path of greece, italy, and spain. president obama needs to take note of this reality and put forward a plan to avoid it immediately. finally, pennsylvania republican senator pat toomey voiced the same sentiment earlier this week on "morning joe." >> our opportunity here is on the debt ceiling. the president has m
, the the bulk of our long-term fiscal problems are. and this is going to be used, the debt ceiling is going to be used to get cuts. mitch mcconnell has said something similar. so you have the president saying one thing, but those in the house and senate, the republican leaders, saying something completely different. >> shannon: yeah, they think this is going to be all about spending ab that's the comfort. house minority leader nancy pelosi saying hey, we're not done talking about revenue, there could be tax increases with part of this negotiation. >> and the president himself said in the midst of the fiscal cliff deal when it looked like a deal, that this does not end the tax debate, but the the republicans say, that you know, there's 80 trillion dollars in unemployment liabilities no matter what you do in taxes, that's not going to solve where the problem is, which is medicare, social security, and medicaid, entitlement reform and they gave in, they thought on raising taxes and revenue and want to focus pretty much exclusively on entitlement spending. >> jamie weinstein, it's going to be a
cuts and take some leadership role in this. whether we accompany the debt ceiling increase with debt reduction, which, by the way, is the typical way things happen. that is business as usual. if the president wants to avoid drama, he should get a head of this. connell: let me ask you about the debt ceiling. i think it is a pretty interesting topics. we talk about free markets and interest rates going up. if we really believed in free markets, when it we just not have a debt ceiling? you'll not be able to borrow more money, interest rates will shoot up. why do we need a limit? >> as far as principals, we do not. congress wants to have a say in their overall issue of that. we already have evidence that it is too high. countries at our level of debt grow more slowly. that is not doubt and that is what the president needs to focus on. connell: our point here is that we talked about this a number of times, they will get their act together in washington when they are forced to. they will say -- when interest rates shoot up to a level that hurts us, then, they will cut spending. this debt l
march, when we hit the debt ceiling and when the automatic spending cuts come into play again, and either have to be replaced with other spending cuts, or again, kicked down the road. >> reporter: these are the same issues that snarled congress in the summer of 2011, and again during the fiscal cliff debate. there's little hope for a better outcome this year. president obama has promised not to negotiate with the new congress on raisg the debt ceiling, but republicans are ready to use it to force major federal spending reforms and tame the national debt. right now, the u.s. owes $16 trillion, but some calculate our total liabilities much higher. and as congress jumps from small deal to small deal as they have been, analysts worry big problems are just getting bigger. >> $60 trillion is a conservative estimate of our unfunded liabilities of medicare social security, and medicaid put together. that's scary. and, the fact of the problem of $2 trillion solutions to $60 trillion problems, you see the occasion of the lack of problem and resolve of the political class here in washing
negotiations. now. he's back to face new battles over spending cuts and raising the country's debt ceiling. the president could also announce nominees for key positions in his cabinet as soon as tomorrow. with the fiscal cliff beginning to fade from the minds of many americans a new fight is heating up on capitol hill. a new deal over the debt ceiling is looming in the not-so-distant future. we go now to elizabeth corridan to check up on both sides and how they're preparing to get a new deal in place. >> "i believe we need to raise the debt ceiling, but if we don't raise it without a plan to get out of debt, all of us should be fired." >> reporter: strong words for a new congress, the new years deadline for the so-called "fiscal cliff" has come and gone. now lawmakers start a new session under pressure to avert another financial crisis -- this time over raising the debt ceiling. if an agreement isn't reached by late february or early march, the united states risks defaulting on its financial obligations. the argument this time around will be over how much congress will agree to cut spendin
to cut spending. >> this is more like a debt ceiling thing. >> stephanie: again. as i was saying, what eye candy for the gals to have mitch mcconnell on every sunday show. no matter where you turn, that was -- [ screaming ] okay. this sunlight hits your television just right and reflects off his glasses things can burst into flames. you need to be careful. mike in pittsburgh writes steph -- >> he's a fire starter. he did start the fire. >> stephanie: yeah, well we didn't. dear steph i keep listening to the criticism of the fiscal cliff, not getting the $250,000 limit. here's a factoid for you. in 1939, president clinton enacted the tax rate on incomes over $250,000. now, the i.r.s. and today adjusted for inflation his $250,000 is $397,000 which is exactly what the president got. president obama got the same deal president clinton got back then. i would say the country did pretty good. >> that's just kenyan voodoo. [ ding ding ] [ applause ] >> stephanie: all right. isn't it just like -- it's like an acid flashback or like a flintstones cartoon background. here we go again. >> the same
march, when we hit the debt ceiling and when the automatic spending cuts come into play again and either have to be replaced with other spending cuts, or again, kicked down the road. >> reporter: these are the same issues that snarled congress in the summer of 2011, and again during the fiscal cliff debate. there's little hope for a better outcome this year. president obama has promised not to negotiate with the new congress on raising the debt ceiling, but republicans are ready to use it to force major federal spending reforms and tame the national debt. right now, the u.s. owes $16 trillion, but some calculate our total liabilities much higher. and as congress jumps from small deal to small deal as they have been, analysts worry big problems are just getting bigger. >> $60 trillion is a conservative estimate of our unfunded liabilities of medicare social security, and medicaid put together. that's scary. that's scary. and, the fact of the problem of $2 trillion solutions to $60 $2 trillion solutions to $60 trillion problems, you see the occasion of the lack of problem and resolve of
to president obama urging him to do whatever he can to sidestep congress and increase the debt ceiling. but he cannot legally or constitutionally do that. john boehner reacts by saying washington must stop spending money it doesn't have. >>> speaking of sequester spending cuts, defense department is gearing up, so is homeland security. and the tsa. did you get your paycheck today? notice something missing? the payroll tax holiday is over. will this middle class tax hike really damage the economy? "the kudlow report" begins right now. >>> first up tonight, a developing story. four democratic senators sent a letter to president obama late this afternoon. they want him to use any means necessary to raise the debt ceiling without republican house spending cuts. that's right. cnbc's eamon javers has the details. >> reporter: let me get right to exactly what that quartet of senators said. in their letter to president obama which was viewed widely as shoring up his left flank in the political debate over the debt ceiling. what they wrote was "we believe you must be willing to take any lawful steps to
of if we wanted to raise the debt ceiling because obama is overspending. you have to cut spending dollar for dollar by the same amount. speaker boehner has reiterated that that is enough. so has mitch mcconnell. the president of united states can stand up and say that i lied to you and i said i wanted to reduce running. i like you, and i said i was going to offer government reforms. but if he does that, i think he isn't is in a very weak position and democrats are killing themselves if they think that the american people want to continue overspending. and the debt that obama is running out. we can give the president a month of debt ceiling increase or six months or year. then you have the continuing resolutions. because the democrats have not passed the budget or written a budget in more than three years, we have a continued resolution. beyond your points are very good. thank you. neil: they say no deed goes unpunished. did you hear about aig? it just keeps on suing. at a dry cleaner, we replaced people with a machine. what? customers didn't like it. so why do banks do it? hello? hello?!
on things like raising the country's borrowing limit, the debt ceiling, and dealing with spending cuts that could include negotiations over programs like medicare. lester? >> all right, kelly, thanks. >>> one new member of congress, the junior senator from the state of maine, is already making a name for himself. tom brokaw is here tonight with more on a man who says he wants to do the people's business in a better way than we've seen lately. hi, tom. >> lester, we don't often think of maine and royalty in the same sentence. but tonight i am reporting on the king of maine. that would be angus king, near republican or democrat, officially independent. a former two-term governor, he promised a new approach. and it paid off. >> i do. >> my favorite line from the campaign is a guy up north who said "all my life i've wanted a chance to vote for none of the above and you're it." >> it's been difficult to envision this day when i would be saying farewell -- >> reporter: king is replacing olympia snow, a respected republican senator who quit in frustration over washington's deadlocked ways. >>
to raise the debt ceiling unless you give us something back which means you cut entitlements a little bit or you do this, that, and the other thing. what do you think is likely to happen there? >> well, that is really an unprecedented situation. you know, we have had the debt ceiling raised over 70 times in the last 50 years. congress has always dutifully done its job and raised the debt ceiling under divided congresses and divide government. democrats and congress raised the debt ceiling 12 times for president reagan upon his request. what's unprecedentside that we have never seen congress try to use the debt ceiling as a tool of negotiation. that violates. >> bill: we have a frightening amount of debt now. $16.5 trillion. and i gave you the stats up top about president obama's spending more than every other president combined. so that it's a different situation than it was under ronald reagan. now, i understand that the president can't order congress to raise the debt. he can't do that by any order. buff he can ignore it it he can -- don't worry about it keep paying stuff off. is that t
in the debt ceiling we want a dollar in spending cuts. by the way, sequestration is a result of that same philosophy the last time we hit the debt ceiling. the republicans in congress at that time said that they wanted spending cuts to equal the amount of increase in the debt ceiling. congress could not agree on what specifically to cut for that full amount, so we came up with sequestration as a forcing function to make that happen. so these are, sequestration cuts are cuts leavitt over from the previous debt ceiling increase. now we're facing another moment where every to increase the debt ceils. if you want to increase the debt ceiling enough to give us about a year of operating time, that'd be about a trillion dollars. if you want to completely offset the cuts in sequestration with other deficit reduction, that'd be another trillion dollars. putting these two on the same timeline doubles the problem. i'm not confident congress can come up with another $2 trillion in deficit reduction by that deadline. let's keep in mind with the fiscal cliff, um, relative to what would have happened if
and the debt and debt ceiling and lots of discussion about that, budget cuts, spending cuts possibly coming up the top republican on the nature side they may not get to gun control until the spring. richard. >> a lot of political capital will be spent on those issues. thank you so much. >> more turbulence for boeing's dreamliner. a fuel leak on a 787 forced it to cancel takeoff and return to the gate. one day later, a different plane also at logan caught fire. it was empty at the time. united airlines, the only american airier to operate the dreamliner said it has ordered inspections of all of its 787s. it's not a serious problem given the high-tech plane but they warned it could still undermine consumer confidence. >>> the government is calling for an urgent review of the nation's arctic offshore drilling practices in the wake of a series of missteps voflg the shell oil company. this week's grounding of a shell oil rig off the coast of alaska is just the latest in a string of blunders zaents involving the company's ship and support equipment. the 60-day assessment could halt or scale back pla
. so these massive spending cuts will coincide with another debt ceiling battle. is there anything in this debacle that we can all agree on? >> house speaker john boehner had kind of a rough week here. the at a party folks not happy with the deal that he struck >> the president was able to get the speaker to undo everything he had promised he would do >> where are you? mr. speaker, we need leadership. >> tonight i am ashamed, shame on you, mr. speaker. >> jon: republican or democrat, senator or congressman, team edward or team jacob, everyone agrees john boehner sucks. at least we can be assured that as the incoming congress votes for a new speaker of the house, it's clear what the outcome is going to be. >> john boehner won re-election as house speaker today. >> jon: oh, boy. (train whistle blowing) >> jon: welcome back to the show. listen. as you may recall, a couple months ago america was hit by two major disasters. one of them natural, hurricane sandy and one of them somewhat man made the republican majority in the house of representatives. the second of those disasters has mad
is saying, if you are tying spending cuts to the debt ceiling, that's a discussion i am not going to have. mitch mcconnell is saying, with all due respect, you are going to have that debate because it's a debate that the country needs to have. mitch mcconnell threw down a marker saying the revenue piece is done. no new tax increases. all we are talking about is spending cuts. the president is looking for $600 billion in revenue, closing loopholes and limiting deductions on the richest americans. you can see, they are about to go like this and what are the consequences? >> the fiscalg issues may be sidetracked by the gun control debate. 10 bills were introduced in the house on thursday, none of which on the surface would have done anything to stop adam lanza from doing what he did in newtown. and then there is the white house study group led by vice-president biden, which looks like it's going to go for more legislation, reduce the assault weapons. but at the same time, look also at the issues of mental health and the societal impacts of violent video games and movies. charles krauthammer
are drawn in the battle over spending cuts and the debt ceiling. and then there is earning season. kicks off tomorrow with alcoa. >> banks in the spotlight this morning, bank of america settling with fannie mae with mortgages it underwrote during the housing boom. citi submitting to the feds. >> revising up, gdp forecast to 8-1, saying investing in the mass market stocks is the way to go. >> potential cuts at the magic kingdom reports disney's got internal cost-cutting review under way. >> the question of the day, can the new year rally continue. last week the s&p jumped 4.6% to a new five-year high. not only is wall street looking ahead to earnings season, beginning with alcoa tomorrow, but paying close attention to the battle over the debt ceiling and spending cuts. the big debate over whether more revenue increases should be on the table. >> the tax issue is finished, over, completed. that's behind us. now the question is, what are we going to do about the biggest problem confronting our country and our future. and that's our spending addiction. >> mitch mcconnell's going to draw that lin
and the speaker said that the president said that he n't going to have a debate with us over the debt ceiling. he also sayshat he's not going to cut spending along with a debt limit hik. fiscal cliff behind us on the focus turns to spending. speaker boehner cited a new poll, shwing 72% of americans agree with him. but any increase in the debt lit must be accompanied by an equal amount in spending cuts. senator john cornyn saying that if the president intends the president intends to carry through with his no negotiation threat, but a government shutdown may be the only way to find resolution. the new senate majority leader is saying that it may be necessary to partially shut down the government in order to secure the fiscal well-being of our country. the looming deadline for action has been obvious. and in every instance the white house has purposely blow up the process in a shameless attempt to score cheap political points. "the washington post" reported the top ally in the senate may not be fully on board with his approach his imperious stance, if you will. senator harry reid reportedly warned
spending cuts and deal with the debt ceiling which is of the month, the halfway cut their is a chance the yields will go higher throughout the course of the year, but i would not throw in the towel or bet all my eggs. i still think that there is a chance that as long as inflation remains low in the economy remained steady but not running away from us there is a chance that buying yields will at least remain in the same range of where they are now. liz: well, we like to have smart guys like you want because you can tell us what to anticipate. half of the battle is anticipating in being ready. to you have two major concerns, two things that could possibly happen that could derail the picture entirely? >> again, treasuries are going to be aafunction of inflation and economic growth. all of noise around what's going on in congress, and certainly what the fed will do. the fed pulls completely out between now and the end of the year, that would be a major factor. at least -- but they have also said that unless unemployment is below six and a half%. let's say we have -- that's one thing. eco
and it is all about the looming fights in congress over the spending cuts and the debt ceiling, they'll make for a couple volatile months for the market in january and february, ashleigh. >> okay, alison, thanks very much. have a good weekend. >> you, too. ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? and i'm here to tell homeowners that are 62 and older about a great way to live a better retirement. it's called a reverse mortgage. [ male announcer ] call right now to receive your free dvd and booklet with no obligation. it answers questions like how a reverse mortgage works, how much you qualify for, the ways to receive your money, and more. plus, when you call now, you'll get th
ceiling to spending cuts if they haven't -- that they haven't gotten so far. they see it as an opening and going to happen at the end of february when the debt limit comes up along with mandatory reductions in spending. >>> the fiscal cliff tug-of-war ends with pork, a lot of it. >>> plus big brother on the bus? how many muni plans to keep a close eye on its riders in the coming year. >>> a new push to stop mass shootings and the stockpiling of ammo. our conversation with congresswoman nancy skinner coming up next. [ male announcer ] the distances aren't getting shorter. ♪ the trucks are going farther. the 2013 ram 1500 with best-in-class fuel economy. engineered to move heaven and earth. guts. glory. ram. the new ram 1500. >>> if you ride muni, get ready for your close-up. the agency is expanding its surveillance technology. cbs5 reporter mike sugerman on what that means for passengers. >> reporter: muni isn't usually the stuff of hollywood until it is. all 800 or so muni buses and several hundred trains are waiting to be changed so you can add your close-up or to help police figure
in on their agenda... old ver.but - problems. with the looming debt ceiling crisis, lawmmkers cut spending, which as proved not to be an asy task with partisan politics at ppay. the new year we'll focus on is seeing if we can put a paccage little bit less drama, a - little bit less brinksmanship. this coogresssincludes the fiist openlyygayyseeatorrann the first openly bi-sexual member from either chamber.it also ncludes a record number of women - 20 in tte senate and 81 in the house. the new congress is scheduled to vote todayy.. on aid foo viccims of superstorm sandy. the house is expected to billion-dollar measure... to pay for flood insurance claims. some lawmaaers say the mooey is urgently needed for storm victtms... who have been awaiting claim checkk sincc this was the scene thursday... as earry 4-hundred sandy hook sttdents resumed class.tte siteeof the shooting is still part of an ongoing investigation... so former middle school in nearby town was re-puuposed... and reeamed students a sense of familiarity... desks and otter oojects were bbought to their new school. a number of &pp
. that should be -- that's been banked. that's done, that was in return for the debt ceiling increase that we gave this president 17 months ago $2 trillion that he blew through in no time. i agree with you completely. that's why that sequester has to stay in place and we now have to have a discussion about how we achieve the savings if the president wants any further increase in the debt limit. i would suggest the way to do it is reforming one or more of the big entitlement programs. that's where we're going to really get on a sustainable path. but you're absolutely right, we can't count the existing sequester, which was put in place because of the last debt ceiling increase. we can't count that twice. >> sounds great. senator pat toomey, thank you very much for walking through that. we appreciate it. >>> now, joining us to get some reaction to senator toomey's views, we bring in chris lehain and tony fratto, former bush deputy press secretary. chris, let me just start with you. because this sounds like a technical point, but it's not. the debt ceiling increase we're talking about came suppos
the bejabers out of everybo everybody. >> in 2011 they raised the debt ceiling and promised to cut $1.2 trillion. guess what? they punted on that one. now they are one sequestration in arrears. they owe us two and we're not getting any. that's not shooting ourselves in the foot. it's shooting our children in the head. >> i would argue that they did the -- i would argue they absolutely did not do the right thing. they probably should have let things lie and started over for something bill bigger and more structural. if you look at the last two years, you've got a tax hike and delayed sequestration of spending cuts. >> right. >> so what did you get? you got a tax hike? i'm not sure that's in the best interest of the economy. >> we'll wrap this up. i'll give you a chance to take back that somewhat uncolorful statement that you just made. >> we don't think you meant it in any literal way. >> i think -- not a time -- >> i think our economic policies are suicidal for the country in the long run. >> okay, all right. thanks, everybody. >> there's a way to make a point and another way to make
the debt ceiling. republicans will not agree on taking on more debt without cuts on medicare, medicaid, and other social services. >> i think tax reform ought to be revenue neutral as it was back in the reagan years. we resolved that issue. with don't have this problem because we tax too little. we have it because we spend way, way too much. we settle the tax issue. the question is now can we address the single biggest threat to america's future. that's our excessive spending. >> some say this stand-up could be worse than the fiscal cliff fight. house minority leader nancy pelosi says the president should bypass the debate all together and sign the new debt ceiling into law. she told "face the nation" viewers that president has the 14th amendment on his side which states that the nation's debt shall always be paid. >>> po >>> pelosi met with hundreds of quaints and colleagues to talk about last year's chag lengs and accomplishments and this year's goals. in 2013 the democratic party will continue to focus on growing and supporting the middle class, she says. >> practice the strength in
was reelected speaker. with the looming debt ceiling crisis lawmakers have to figure out where to cut spending which has proved not to be an easy task with partisan politics at play. >> we have to be able to take back common ground. we all agree we've got to deal with the national debt. we've got to deal with our deficits. >> the president needs to show up early this time. the american people will not tolerate the kind of last minute crisis that we've seen again and again over the last four years. >> reporter: in washington i'm sandra nedo. >>> a familiar face returning to work to a round of applause today. senator mark kirk back for the first time since he suffered a debilitating stroke almost one year ago. vice president joe biden and senator joe manchin stood by the illinois republican as had he to use a four-pronged cane to climb those 45 steps to the capitol. senator kirk had to learn to walk again after that stroke. >>> d.c. delegate eleanor holmes norton is in her 11th term up on the hill and while she is facing the same legislative calendar as her colleagues, she's also focused on the
few months, lawmakers face a looming government shutdown and battle over the debt ceiling and automatic spending cuts. former republican congressman jim nussle says this new crop has a tough job. >> what just happened with the debt and the deficit and the taxes, that doesn't go away. >> reporter: democrats still control the senate. and republicans the house with the same leaders returning. >> we're sent here not to be something but to do something. [ applause ] >> reporter: kildee says he's up for the job. >> while it's daunting, this is what i'm ready for. i'm here to work. >> reporter: his first major vote will be friday when the house takes up part of the superstorm sandy relief package. danielle nottingham, cbs news, washington. >>> did you change something? >> drivers with one thing in common. how the dmv says they make our streets more deadly. >> is tuition going up all the time? why some california students might be able to pay a flat rate for a college degree. ,,,,,,,,,,,,,, driving. the research released todayy th shows men >>> here is something that may startle
the debt ceiling. make treasury -- >> unless there's real spending cuts, unless there's real structural reform -- >> even though this is about previous spending? you were a business consultant. it is hard to sit there looking backwards. this is money that's already been promised. >> we can cover the interest payments on that previous spending. what barack obama wants is more spending going forward in the future. and, frankly, he doesn't have much credibility on this. the senate voted four times when he was in the senate to raise the debt ceiling. he voted against it once. he couldn't be bothered to show up for it twice. >> i want to ask you something quick. apparently one of your professors at harvard is now a u.s. senator from massachusetts. elizabeth warren. tell me about her class. you were telling me interesting things off camera about her class. it was among the most rigorous you took. >> yes. elizabeth warren was my contract law professor on my first day in my first class at law school. she was a good professor. i learned the subject very well. probably not as well as others did r
want to say cut spending for what we do next, fine. you do not tie it the debt ceiling. >> should spending be tied to an increase on the debt limit? a tweet -- tom, arlington, texas, independent. caller: it is not so much what the government buys. it is how much the government pays for what they buys. . one common machine gun is $37 apiece. another is $47 apiece. i've thousand dollars apiece for assault rifles. maintenance cost of airplanes. who will pay that much money? host: how would you change things? caller: gets new vendors. more companies can manufacture stuff. nobody can build submarines for us other than general dynamics. they are building seven new destroyers at $7 billion apiece. host: what do you think about tying it to the limit in the debt limit increase? should we not increase the debt limit unless spending is curved? caller: yes, that would be prudent. >> cyndee wright in -- cindy writes in -- share your comments on twitter at http://twitter.com/cspanwj. stephen moore has a profile of house speaker john boehner in " the wall street journal." he writes -- randy, mic
to force spending cuts in exchange for lifting the debt ceiling? that's next. >>> plus don't file your 2012 tax return just yet. the irs might not be ready for it. gerri willis explains coming up. we'll get into that. first as we do at this time every day let's take a look how oil is trading, again reflecting the market's, well, modest reactions today, drifting slightly lower almost unchanged at 92.89 a barrel. we'll be right back. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. ashley: the battle for the fiscal cliff is over. whew. let's move onto the next cliff. u.s. is set to hit the debt ceiling in about two months and the big question will the new congress do better with deadlines than the old once. i will give you an answer and my next guest is cautiously optimistic. here is allison frazier, from the heritage foundation. allison,
and the spending cuts? >> well, i mean, i think the first up is the debt ceiling, and that's where you're now beginning to hear talk of, well, maybe we'll partially shut down the government. the president said i'm not -- i am not going to have a debate over whether we should borrow money to pay for what we've already spent. only he says to pay for what congress has already spent, and the republicans are saying, well, we're not going to raise that debt ceiling and allow the u.s. to borrow unless we get one for one. a dollar in the raised debt ceiling and a dollar in spending cuts, so i'm not sure where this is going. some republicans say, hey, we're going -- this is where we're going to get our spending cuts because they don't think they got any in the fiscal cliff plan that was just passed and this is where they want to make that stand. will all of them make it because it will need all republicans, particularly in the senate, to stick with that. so we'll see. it's another one of those, you know, games of chicken again. >> kind of getting tired of those, aren't you? >> me, too. need a new anal
entitlement. democrats will stand in their way, the gop will use the debt ceiling as a hammer to bang on the heads of democrats to try to get their way on cuts. if washington gets to march unscathed, there's a potential budget cliff to look for. the current bill funding most of the federal government runs out on march 27th. it will be four years since the last actual complete budget was signed into law. look for lawmakers to extend it again through another so-called continuing budget resolution. now this continues, we stand the possibility of another debt downgrade and higher borrowing tops. washington can't agree on anything except for last-minute tax deals after 518 days of grandstanding. this is no way to run the u.s. government. joining me is stephen moore, an anti-tax crusader and an editorial board member at "the wall street journal." let me start with you, president obama says the debt ceiling is nonnegotiable. but republicans in congress are going to use it as a negotiation tactic. you always say that government needs to get out of the way and let businesses grow. isn't not ra
and congress of bickering of the debt ceiling. how much do we cut security of a tweak of medicare. >> i do not have a crystal ball if i did not have a small island and have my own basketball team people under 4 ft. tall. >> we do not know what will happen the next days. >> we will check back with rob for winners and losers on wall street at 9:15 a.m.. >> right now is 6:48 a.m. and we are watching the weather. let us take a live look on van ness ave from our roof camera. we're getting a better look at things as the light is coming out. we will get with erica on the fall that is the big story and whether there is for to let us go to george. >> we're still tracking hot spots of interstate 80. even though progress is being made on clearing the crash. the back of continue to grow from el cortel drive. >> will continue to have a dense fog advisory for highway 4 in the antioch pittsburgh area. chp has not yet lifted advisory. that would affect traffic in both directions. it may be why we see a slower than usual east bound right. a new hot spots that is the problem here on the nimitz freeway. 880
is if you believe that it would be a mistake to test cutting spending by holding off on this debt ceiling issue. >> that's a tough call. i do believe in the rule, and you know it, every dollar of increase in the debt should be tied to a dollar of spending cuts. this is, i think, a financial emergency we are facing, and i think that is very commonsensical, and of the president rejects that, then who is responsible for not raising the debt ceiling? the congress or the president? i guess what i am saying is, lot of this will be determined by public opinion. as the public wants, a blank check to increase debt? if so, that is what the president will get. if they say, this is a real problem and we won't give him a blank check and an unlimited credit card in demand some spending cuts. i am not sure politically how this will play of, but i just don't think the republicans are going to give the president that. gerri: you know, $1 of spending for $1 of tax cuts rule, but he could not keep that rule when he passed the deal for the fiscal cliff. how do you think, for heaven's sake, you will be able t
that for every dollar increase in the debt ceiling, we want a dollar in spending cuts. sequestration is a result of that last -- of that philosophy the last time we hit the ceiling. they wanted spending cuts equal to the raise in that that ceiling. congress could not agree. that is why they came up with sequestration. sequestration cuts are cut left over from the previous debt ceiling increase. now we are facing another moment where the debt ceiling needs to be increased. if you want to increase it to give us a year of operating time, that would be about 3 trillion dollars. putting these on the same timeline doubles the problem. i'm not confident that congress can come up with another 2 trillion dollars in deficit reduction by that deadline. with the fiscal cliff, relative to what would have happened if all of those programs had been extended, what they ended up passing reduce the deficit by less than one trillion dollars. look at how hard that was to achieve. less than one trillion dollars. it we will raise the debt ceiling and offset sequestration, it will be twice as hard. i'm not confident c
. will it be the postponement or the sequestration cuts? will be the debt ceiling which might come at the very same moment? >> as they stumble around, there is an evil force that nobody seems to want to understand but the money guys. that is the markets will get tired of all the fun and games and all the funny loose talks. neil: they haven't gotten tired of it yet. >> the real point is that that kind of stuff, it can happen in two years and two months or two days, and that is when the markets headed. inflation will go up, interest rates will go up, and we won't disappear. but we won't be number one. and then they will say, who did this? and they will look around and find a jerk in their district would not cut a nickel or raise the tax and they said, you led us to this and url. that's your only hope for democracy right now. neil: we are still waiting and hoping. he met cross your fingers. i know you will. >> okay, pal, take care. [laughter] neil: you are the best. alan simpson. we will leave it at that. coming up next, the health care law. workers are feeling jerked around. one worker is here to explain ne
, the same old same old. with multiple budget crises ahead like the debt ceiling and automatic spending cuts, the continuing budget resolution, the people who watch capitol hill say the partisanship and brinkmanship will be as bitter as ever. cnn's national political correspondent jim acosta explains why. >> reporter: after surviving a failed coup led by his own members beleaguered house speaker john boehner wants to take the same fractured party into battle. in a closed door meeting with house republicans a source in the room tells cnn boehner said he will demand budget cuts larger than any increase in the nation's debt limit. with the fiscal cliff behind us boehner told his members the focus turns to spending. that puts republicans in congress back on the collision course with the white house after the president insisted earlier this week he will not negotiate over the debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. >> reporter: if the president won't come to t
spending cuts from the administration. those things are on the table, not just through the debt ceiling and through sequester and continuing resolution, i would hope the president put things on the table that he put on there in the summer of 2011 and more recently things like to change like looking at raising gradually rates of eligibility and means testing. there's really important structural changes that need to happen to give the country fiscal stability. but the aadministration will have to stand up to its own party and produce bold ideas and frankly be willing to work with republicans to get the job done. >> one thing i want to show everybody is politico having this front page profile, the hell no caucus, backed up by the conservative group the club for growth. congressman from arkansas cotton saying, that he would have voted both speaker boehner plan b on millionaires in the final tax hike and vowed to vote against raising debt limit in two months, absent the massive cuts the president opposes. he voted against gun control, immigration reform. how can they govern with so many memb
republicans he'll use the debt ceiling as leverage for spending cuts. who do you see as having the upper hand when it comes to raising the debt ceiling? >> you know, alex, this reminds me a lot of the government shutdown, the confrontation we had between president clinton and newt gingrich back in 1995 where they were at really loggerheads over spending issues and the government you may remember shut down for a total of 28 days, people forget how long that confrontation went on. what do we see what happened that time, advantaged the president. republicans really took it on the chin. the president had the bully pulpit, we see the president, president obama, already trying to make his case in the clip that you showed from his saturday radio address. he's trying to say these are debts we've already incurred and catastrophic consequences if we don't -- we don't -- we aren't seen as a nation that will pay its debts. so, we see that positioning coming out already. i think it's a lot like the fiscal cliff debate where the president has some natural advantages. >> all right, let's talk about republic
the urban institute, a conversation on the fiscal cliff agreement and what's ahead for the debt ceiling, automatic spending cuts and the deficit. live coverage gets started at 12 eastern. >> i think that that collectivization of the minds of america's founding fathers is particularly dangerous because, as i say so often in the book, they were not a collective unit. and presenting them as such tends to dramatically oversimplify the politics of the founding generation. and then it comes to be used as a big battering ram to beat people over the heads with in ways that i think are both historically incoherent and rhetorically unsound. >> michael austin on what he calls the deep historical flaws by conservative commentators. he shares his views with george washington associate professor of law david fontana on booktv's "after words" sunday at 9 p.m. and midnight eastern on c-span2. >> now, homeland security and state department officials testify about potential abuse of refugee programs by terrorists. the testimony includes a case where two iraqi nationals were given refugee status in the u.
potential default. the whole debt ceiling business. the domestic and defense cuts postpone for two months by the fiscal cliff deal kick in. also known as sequester around these parts. of course, march 27th, the big the continuing resolution that funds the entire government expires. that may be where things truly heat up. mitch mcconnell drew a line in the sand saying though republicans are willing to work on tax reform as part of upcoming budget negotiations, new tax revenue is, "absolutely off the table." >> we've resolved the tax issue now. it's over, it's behind us. >> the tax issue is over. >> the tax issue is over, finished, completed. >> that may be mcconnell's view and not the view from the white house or democrats. they say new revenue is needed, mainly by scaling back tax breaks for the welty. >> these loopholes where people can park their money on some island off shore and not pay taxes, these are things that need to be closed. we can do that and use the money to reduce the deficit. >> is that done now? is the revenue side of it taken care of yet? >> no, no. >> if mitch mcconnel
. >> the debt ceiling wants a blank check cut to him. he would make it so that he could say whatever he want and there were no limits on the debt. he set this matter up. >> under the constitution, only the congress can send money. the senator and colleagues voted for the debt and we must pay it. the president is exactly right. it should be non-negotiateiable to pay the lebts. that should be nonnegotiable. >> congress and the house and the senate have been raising the debt ceiling according to the law to keep it going. dozens and dozens of times. we had no debt ceiling. >> congress every few years, every two or years was forced to raise the debt. last time it was a big deal. >> it has been for a while now. even president obama voted against raising the debt. >> that was shameful. he now said he regrets that. i'm with you. he should have never cast that vote. america must pay its bills. those are not obama's debts. >> if the president holds to what he is saying, i am not negotiating and the republicans are not going to raise it unless we come up with spending cuts equal to the debt ceiling. wh
that debate on the debt ceiling in the next month. you don't think we're going to see any spending cuts? >> we have been inculcated throughout our history that they will increase the debt ceiling without ever addressing the real problem which is, correct, 100%, maria, it is spending. >> unless the market forces the hand, too, because one thing our leaders do respond to is the stock market, whereas in the early '80s it was the bond vigilantes that ruled the root i think these guys get terrified when the stock market starts going down because they -- you know, from the way they calibrate things, you don't have bonds to do it so now you have the stock market. >> if you get money supply growing at 12% and bonds are in the biggest bubble in the history of mankind, the money is going to go into stocks. that's the path of least resistance. >> maria, what you have to watch very carefully, you have a dance going on and you brought this up that's a very good point. the fundamentals in a lot of ways don't support the equity market moving forward as strongly as it is right now. >> right. >> but in a way i
't think congress wants to cut, except for maybe a handful. then you have the debt ceiling bill which runs smack into a government shutdown potential. those are the -- those are the big issues coming up in january and february. what do you want boehner to do? is it right for your and caucus that boehner stay out of the negotiations with obama? that's what he pledged. he wanted to pick up conservative votes as bob costa said. is that what you want him to do? >> well, that's his decision. what i want to make sure we do is if he does go into negotiations, this is critical for any negotiation, you have to be willing to walk away from the table. and then you can start moving things in a more conservative direction. and we can start controlling spending. look, we can raise the debt ceiling, not raise the debt ceiling. our credit rating will get downgraded. what we have to do if we want to do the right thing for our country is control spending that's what i ran on. that's what i'm intending to do representing the first district of oklahoma. >> all right. how about no more tax hikes in the house?
. >> you fudged it in this one you'll do it again. >> we do have the debt ceiling issue otherwise we'll have sequestration. >> these automatic cuts, you can move the goal posts. >> well, i believe that 1.2 trillion is a good goal to cut over the next ten years. the fact that we-- >> and that's a rounding error, that's a rounding error worth of medicare. >> 10% off of everything, i mean, there are actual programs where i would like to eliminate and i would like to try to keep other programs, so, that's important. but you know, there were a couple of things that happened in this deal that we made. first of all, he yes, taxes will go up on those people who as a couple make $450,000, some capital gains and dividend will go up some percentage, but i want to thank those people because they're some of the first to put something on the table and i don't think we should demonize them as the wealthy, it's a great thing if you grow up in america or come to america and strive to make a business or do something or have an idea to become successful and you happen to make money from it, it's even g
leaders still clearly prepared to use the debt ceiling as leverage, nancy pelosi explained what she would do if she were in president obama's shoes. >> why do we go through this kind of exercise that embarrass everyone. >> ask the republicans. we always passed the debt ceiling when president bush was president. there should be -- this is a conversation where there should be no doubt. in fact, if i were president, i would use the 14th amendment which says that united states will always be -- >> you would go ahead and do it. >> but the congress hasn't incurred much of this debt. >> more on the president's big january agenda the white house is considering comprehensive plans to crack down on gun violence. three weeks after the sandy hook shootings in newtown, connecticut, the task force is looking at wide-ranging measures. the group is exploring ways to strengthen mental health checks. >>> in some cases the potential measures could be implemented through executive action. >> i think what we need to do first is to see what the vice president's group comes up with, what their recommendations a
cuts, the debt ceiling, and a continuing resolution to fund the government. there are also two pieces of legislation that embarrassingly congress dropped the ball on last year are, relief for victims of hurricane sandy and renewal of the violence against women act. there is the farm bill that sets farm subsidies and food aid for the poor. there is postal reform, as the usps hemorrhaging $25 million a day and may need a bail-out, and the pie in the sky, the if only they could get their act together and actually do something wish list items, meaningful changes to the nation's gun laws and immigration reform, which the 11 million undocumented workers in this country are counting on. more than just a full plate, this is a jam packed enchilada of responsibility. joining us now from washington is the sade of capitol hill, boat shoe enthusiast and my celebrity dopplerleganger, nbc's luke russert. a man, i will say, who does not really take a vacation, luke. you have been in the trenches this whole holiday season, my friend. >> yeah, but thankfully the united states congress, the 113th got of
is going to be rough, and because of things that we talked about before with the debt ceiling negotiations and the sequestration cuts and also a bumping earnings season, alcoa is nothing to brag about, and then we get through that and go through the end of the year and i think gains are backloaded. that was goldman's position. >> makes sense. what's your take on the third quarter, typically good because you've got the holiday spending but certainly a different kind of quarter with the dysfunction and the fiscal cliff and the uncertainty over the economy? >> when we saw the third quarter be reported, we saw a huge buildup of inventory in almost every region of the world. everything ranging from commodities, to industrial equipment, to autos so fourth quarter, some of that inventory got worked through, but it probably has kept the profits down, maybe the margins are not going to be able to recover as quickly, and i think that's creating a little bit of risk to the current quarter. >> all right. gentlemen, thanks very much. great conversation. appreciate your time. let's get to bob pisani who
with congress that are coming up, including the battles over the debt ceiling and those pending budget cuts. if confirmed, you'll be seeing a lot more of this. that is jack lew's looping signature on every new green back that is printed. it's been described as a slinky that lost its spring. lew says he'll make his name more legible if he does get the job. >>> and vice president joe biden meets with the nra today as the debate over gun violence intensifies. it could be a tough sell since the group already says it opposes any new restrictions. among those speaking out is new york's governor. andrew cuomo is urging lawmakers in his state to close loopholes on the state's assault weapons ban. >> this is not taking away people's guns. i own a gun. i own a remington shotgun. i've hunted. i've shot. that's not what this is about. it is about ending the unnecessary risk of high capacity assault rifles. that's what this is about. >> he was quite fired up today. yesterday rather. results of a new study are sure to fuel the already intense debate over guns. the u.s. sees far more violent deaths than a
to use the debt ceiling fight to get the spending cuts he wants. >>> also, a few days late, but the house finally voted for aid to hurricane sandy victims. you'd think a no-brainer. but they promised to punish members for approving the aid and 67% of house republicans voted no. we're going to ask an opponent of aid to confirm that one. now the senate is looking for inappropriate access. leave it to vice president joe biden. >> hey, mom. how are you? >> good to see you. i'm joe biden. >> his glad handing yesterday has drawn snickers from critics, but let's praise the vice president for showing the world how to get it done. for being a pa. >>> finally, michelle bachmann. we begin with the republicans threatening to shut down the government if they don't get the spending cuts they won.
discussion about the debt ceiling must include a spending cut, serious discussion and movement and action about spending cuts and reforms that will reduce our debt. the american public is tired about us kicking the can down the road, tired of the do-nothing congress. the senate hasn't passed a budget in over four years. we learne learn for the fifth yr running we have a deficit now for the fifth year in a row of over a trillion dollars. that is unsustainable, immoral, wrong for the future of our children and as a mother of three and protector of american's future we are going to attack this crisis and make sure we get to the bottom of all of i that as we move forward. cheryl: i say this in all honesty, good luck to the both of you and the 113th congress. we will be watching. thank you. dennis: i wish them luck. facebook try to create some buzz around their midi even media evt week. setting up this invite that simply says, an to see what we e building. while the invitation is rather mysterious, the time of the event coming near ces comes to wonder they might announce their own smart phone.
the debt ceiling, but if we don't raise it without a plan to get out of debt, while the should be fired. >> even to get rid of some of the special interest tax rates,. >> if you are a republican trying to get good media coverage, you're playing the wrong bit game that is the only time that you have leverage. if you don't raise the debt ceiling right away, it's not defaulting on their loans. the treasury secretary can cut other spending. it is basically a government shutdown. republicans have lost that in the past. but i think unless there is something that the president has to lose, you don't have any leverage in the spending cuts. gerri: you know, the far left and far right will think that that -- well, the different analyses of wh happened. they think will lives lost in the last debate what do you make of that? the republicans wee in a much weaker bargainingposition. what speaker boehner was doing anything that taxes went up midnight on december 31. he actually got a tax cut compared where would've been. everybody else was going to get higher income taxes and they didn't. in this case
up for the debt ceiling battle. >> and balanced plan that would cut spending in a responsible way. it always asks the wealthiest americans to pay a little more. and above all, protects our middle class and everyone striving to get into the middle class. >> he promise add fair chance for the milling class, but under the new deal middle class workers will take a bigger percentage hit on their paycheck. charlie gasparino on the impact the fiscal cliff deal will have on every american. >>> plus, he was 11 years old and hungry when he asked her for money on the street. she didn't give him money but something much more valuable that has lasted more than 25 years. ladies and gentlemen, governor mike huckabee. [applause] >> thank you very much. a great audience for this new year. and happy new year to you. welcome to huckabee from the fox news studios in new york city. well, it is hard for me to come up with a proper superlative to express the disgust i got with president obama and the congress. the gamesmanship and stagecraft that they substituted for statesmanship by rushing through a l
that they will not approve an increase to the debt ceiling, basically our credit limit, without some spending cuts. but a group of democrats have now sent a letter to president obama arguing that he doesn't really need the republicans to say okay to raising the debt ceiling, he can do it himself and if the republicans don't like it, they can take him to court. brit hume is our fox news senior political analyst, brit, so the democrats want president obama to say, if the republicans say you're not getting your debt ceiling increase unless you give us spending cuts, they want president obama to turn around and say i'm not giving them to you and if you refuse to raise the debt ceiling i'm just going to do it, if you don't like it, sue me. is this likely? >> well, i don't think it's a likely outcome and i think if it ever came to that that the president would almost certainly lose some of his administration's lawyers have said as much. and basically what it comes down to, there's a passage in the 14th amendment to the constitution that says the validity of the nation's public debt shall not be question
coming on. we have the debate over the debt ceiling and what that is going to do. there is still a whole lot of trash out there to clean up before we have a clear view of the future. we can decide whether we like it or not. right now we don't like it. 45% of the owners said next, in six months the economy will be worse than it is today. ashley: so with that in mind, bill, i'm assuming small business so critical to employment in this country, they will not be hiring in the short term at least? >> right. they don't expect their sales to grow. so therefore they don't have a good reason to hire employees to take care of customers that they don't have. that is the real issue. they need to see the economy being better. they need to have a sense that we're on the right path. so they can invest money knowing they will get a payoff in the future. of course we already know that payoff will be taxed more highly. that is not real helpful. if you have profits growing, you don't mind paying taxes on them. tracy: one of the things i thought interesting was the quality of labor is a concern to a lot of
for many cuts as a part of the deal on the debt ceiling but the president himself has said he's not going to negotiate it also is going to put republicans in a tough position. if they want to push in the present won't play ball they will end up satisfying the activists and not getting a deal so they will have to craft a real strategy perhaps a better strategy than they had on the clip deal. >> host: texas, independent line, robert your next. >> caller: yeah, we are not seeing a republic president for another 11 or 12 years. obama has to finish out his term and hillary is going to take another eight years. rubio will help for the republicans but he is cuban and the latinos are not going to go for mexicans and latinos. you have to remember the cubans had kennedy and the russians and all that. the latinos will not follow you as they would a real latino. >> host: what was your first about speaker boehner? >> caller: he needs to have a republican presidents to have any help. >> guest: it's a very fair point. one of the real problems right t right now is in the republican party and even within
as we approach this battle over spending cuts with regard to the debt ceiling we know that jack lew has been sympathetic, supportive of president and his agenda, supporting entitlements, supporting spending and what not. so what's your take whether or not we'll get meaningful spending cuts with a treasury secretary like jack lew? >> well, i think when you look at jack lew's background and compare him to say tim geithner, the present treasury secretary what you see is a couple things. one, this is a guy who knows capitol hill very well. he has spent a lot of years on the congressional staff. all of it working for democrats. he worked for tip o'neill. he worked for joe moakly. unlike tim geithner who never worked on capitol hill he has a sense how to get deals done in congress. secondly he comes from the liberal wing of the democratic party. i talked to him when i worked on my book about the budget, red ink, last year. he believes in the power of government. he is not going to be very sympatico with people like paul ryan who believe the whole role of the budget exercise is to shrink the g
one of the sandy relief package today. >> but with the debt ceiling and deep spending cuts looming and a budget crisis coming up, will congress get more done than its predecessor? steve la tourette, chair of a republican advocacy group. he was a republican senator from ohio. you get the sense he's glad to be gone. >> i didn't think this is what retirement looked like, though. >> i have to start out by asking, yesterday a rather interesting day on the house floor. former colleagues re-elected speaker boehner as speaker of the house. there were a number of members, more than 10, who either didn't vote or voted against him. what do you make of the statement they were delivering? what do you think they were saying? >> it is not horribly unusual, it's the fourth time it's happened in my time here in washington. the first one with newt gingrich and then nancy pelosi lost some of her members and jim trafficant voted for dennis hastert. it's really not a good way to start your career. >> you talk about how you weren't expecting retirement to look like this, congressman. let me point out th
and the need to raise the nation's debt ceiling. >> brown: still to come on the "newshour" tonight: weighing the fiscal cliff deal; charges in the india gang rape case; the country's crumbling sewage system and an expanding american reach for al jazeera. but first, the other news of the day. here's hari sreenivasan. >> sreenivasan: for another member of congress, today marked an especially momentous return to work. republican senator mark kirk of illinois suffered a stroke 10 months ago, and had to learn how to walk again. today, he climbed the 45 steps of the capitol, with vice president biden and west virginia senator joe manchin on hand for support. secretary of state hillary clinton will return to work at the state department sometime next week. clinton was discharged yesterday from a new york hospital, where she had been treated for a blood clot in her head. a state department spokeswoman said clinton is now resting at her home in new york, but wants to get back to washington. >> some of the senior staff who spoke to her half an hour ago said that she's sounding >> some of the senior st
ceiling. we have yet to cut one dime from the last debt ceiling agreement and here it is time to do it again. we've got to stop the madness. . . living with moderate to severe rheumatoid arthritis means living with pain. it could also mean living with joint damage. help relieve the pain and stop the damage with humira, adalimumab. for many adults with moderate to severe ra, humira is clinically proven to help relieve pain and stop joi damage. so you can treat more than just the pain. humira can lower your ability to fight infections, including tuberculosis. serious, sometimes fatal events, such as infections, lymphoma, or other types of cancer, have happened. blood, liver and nervous system problems, serious allergic reactions, and new or worseng heart failure have occurred. before starting humira, your doctor should test you for tb. ask your doctor if you live in or have been to a region where certain fungal infections are common. tell your doctor if youhave had, are prone to infections or have symptoms such as fever, fatigue, cough, or sores. you should not start humira if you hav
over the debt ceiling. we have a fight in crisis overspending that causes debt. if the spending or cut and there was an agreement but place on the way to rein in explosive and -- entitlement spending and brought the debt under control, no one would even mention the debt ceiling. the key will be to focus on the real problem, which is the debt. acknowledge solution for anyone not living in budgetary fantasyland. make some progress on that. gerri: at think it's budget fantasyland for us. well, the senate has not backed the budget in 1,351 days, gretchen. come on. we are going to -- our debt is going to get downgraded by standard and poor's and moody's and everyone else, and we will have a sell-off of 2,000 points in the stock market, right? >> you're right. on top of not having a budget, we have also had $5 trillion worth -- five years worth of trillion dollar deficits which is what we are heading toward. the four past years, and the cbo coming out saying we're headed into our fifth. gerri: unbelievable. tyler, to you. a poll shows americans have a higher opinion of cockroaches then they
and some republicans won't raise the debt ceiling without getting their spending cuts. the coin may be a big fat joke but it's not about the coin when you think of this, it's reflectiveysfunctional it is on capitol hill, they're creating a magic coin to solve the u.s. debt crisis? come on. >> i'd like to have my own personal trillion-dollar coin to pay off all my debts no matter what anyone else says. >> print your face on it, right? >> no, i want your face on it. >> okay, deal. >> thank you, alison. >>> her life was cut short more than a year ago, now the uk has opened a second probe into the death of amy winehouse. we'll head to london for a life report. hi. i'm henry winkler. and i'm here to tell homeowners that are 62 and older about a great way to live a better retirement. it's called a reverse mortgage. [ male announcer ] call right now to receive your free dvd and booklet with no obligation. it answers questions like how a reverse mortgage works, how much you qualify for, the ways to receive your money, and more. plus, when you call now, you'll get this magnifier with l.e.d.
ceiling. the convention of the last two or three decades has been to use the debt ceiling as a tool to get serious about cutting spending. >> mohammed el ari is the ceo of pimco, one of the largest investors in bonlds. president obama appointed him to chair the global development council. congratulations on that. businesses and markets want certainty in the economy in order to invest and hopefully promote growth. we've averted the fiscal cliff barely but have three more potential cliffs awaiting. america's economy has been slowly picking up steam. could washington damage america's economic prospectings with the way these things are being done? >> yes, it could damage and has been damaging because we've been growing below potential. as you point out and as stephen said and i agree, we have yet another drama coming up in the next few weeks because we have to deal with the three issues -- debt ceiling, sequester, and continuing resolution. if someone wants to pleau a whistle and say time-out, everybody, let's step back and see what we're doing, all of us would conclude, democrats and republic
the immediate task of negotiating with republicans on raising the national debt ceiling, and agreeing on major spending cuts. some republicans have complained that lew has been unyielding in past negotiations. but the president said today: >> over the years he's built a reputation as a master of policy who can work with members of both parties and forge principled compromises. >> brown: the announcement came a day after labor secretary hilda solis announced she's stepping down after four years on the job. solis was the first hispanic woman to serve in a top cabinet position. and, she's the latest of several high-profile women to depart, including secretary of state hillary clinton and lisa jackson, administrator of the environmental protection agency. along with the president's earlier nominations-- for state, the pentagon and the c.i.a.-- that's raised questions about a loss of diversity in the cabinet. but yesterday, white house spokesman jay carney said the president's record on diversity should speak for itself. >> i mean, the increase in the representation of women in senior positions is
the debt ceiling as leverage for more spending cuts. insiders on capitol hill have been told to prepare for chuck hag hagel's nomination for defense secretary. at the same time, a white house spokesperson says the president has not made a final decision yet. congress passed a hurricane sandy relief bill that provides 9.7 billion to the national flood insurance program, nearly out of money, republican leadership took heat from both parties. the house is set to vote on additional sandy aid. worth nearly $52 billion on january 15th. the senate is recessed until the 21st. >>> president obama and the fi
in the budget control act. >> reporter: raising the debt ceiling in the next few weeks will be another showdown. house speaker boehner told the republican conference friday he'll use that as leverage for more spending cuts. >> that will definitely be a battle between house speaker boehner and president obama. president obama has already said he's not getting into that debate. jennifer johnson, capitol hill, news4. >>> a water-rich meteorite helped researchers prove that there could be life on mars. the rock, which was formed 2.1 billion years ago has ten times more water than any other martian meteorite. it's been nicknamed black butty and weigh being 11 ounces. >>> the parking lout -- that shows you the tail gaiters there, four hours before the game. this week will be a great day. if you're thinking about heads out this evening, you will need the colts. it's been blowing toward the north all day long, but starting to move into the rest of the region. we're starting to see windchills really dropping. 46 was the high, above the average high of 43. that coming after a low of 27 this morning. the
and defense budgeting with various debt ceiling deals, averted sequestration or not averted sequestration, this is a very timely time to have this conversation and we are joined by m fantastic panel of experts to help us cut through confusion and pull back and look at some of the bigger, strategic questions that are out there. i'm joined by three folks here. michael o'hanlon, you're already met, senior fellow and director of research and foreign policy here a brookings where he specializes in defense strategy. one of the most important prolific voices and defense issues, rich and literally hundreds of op-eds, columns, and articles, including one to point to you up on foreign policy but said right now looking at defense budgets . we are joined by richard -- richard betts, one of the top thicker -- thinkers and teachers, professor and director of war and peace studies at columbia university. numerous books have garnered critical success including it was an award from the american science association for the best book of political science. also a key facilitator of a summer security studies
the debate and frame it in terms of we are willing to raise the debt ceiling if the president will work with us to address spending cuts, i think that's a winning political argument. >> i think it's very interesting. i am worning your take and the fact that the way that this deal was constructed over the cliff, the debt ceiling and the sequestration are bog going to happen around the same time. to me, that sets the stage -- finally -- and this is the optimist, for a big deal that takes care of both of those things. am i naive or can you imagine a scenario where the deal is done and our major fiscal issues are solved with one, big bargain? >> i feel like i am talking to john lennon. i want to imagine a perfect world where we can all win. you can protect the powerful and you can also protect the weak, protect the people. i want to see that happen. look, let's face facts. the $16 trillion debt we have right now -- we rescued the banks to the tune of more than $16 trillion. i am trying to find a way for us to both win together. i think there is a way for us to do that. but we have to put th
of spending cuts for every dollar the debt ceiling is raised and the white house making it clear their position, they're quote not going to negotiate on the death ceiling or held hostage. we're kind of at a stand still. >> greta: and i know you're reporter and comment, the idea that we're going to go broke in weeks, and no more money under stones and downgraded, and not able to meet our obligation, internationally and fact that the principals aren't talking and posturing is appalling. and any plans to, timothy geithner is going to be leaving before this is resolved as secretary? >> looks that way, looks like very soon to be an announcement, jack lew chief of staff to president obama will be replacing timothy geithner and today, my colleague and i were reporting on a story where wall street's pretty much fine with that although they view geithner as something of an ally and lew as something of an unknown to geithner they feel that overall policy is going to be the same. lew and geithner were pretty much toeing the same line debt ceiling and budget negotiation including the fiscal
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